Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1887-12-09

the same distress which was quite lately
produced from the same cause, and while
the functions of our national treasury
should be few and simple, and while It's
best condition will be reached, / believe,
by its entire disconnection with private
business interests, yet when by a perver-
sion Of its purposes
IT IDLY HOLDS MONEY
uselessly substracted from the channels of
trade, there seems to be reason for the
claim that some legitimate means should
be devised by the government to restore in
an emergency, without waste or extrava-
gance, such money to its place among the
people, . If such an emergency arises.
there now exists no clear and undoubted
executive power of relief Heretofore the
redemption of 8 per cent. bonds, which
were payable at the option of the govern
bursement of the excess of our revenues;
been retired and there are
no bonds outstanding the payment
Of which we have the right to insist upon.
The contribution to the sinking fund,
which furnishes the occasion for expend-
already made for the current year, SO that
there is no outlet in that direction. In the
present state Of legislation the, only pre-
tense of any existing executive power to
restore at this time any part of our surplus
revenues to the people by its expenditure
consists in the suppOsitlOn that the secre-
tary of the treasury may enter the market
and purchase the bonds of the government
not yet due at rate of premium to be
agreed upon. The only provision of law
from which such a power could be derived
is found in an appropriation bill passed a
number of years ago, and 1T is subject to
the suspicion that it was intended as tenn
porary and limited in it's application in
and authority. No condition ought to ex-
ist which would justify the grant of power
to single official upon his judgment of
it's necessity to withhold from or release to
the business of the people in an unusual
manner money held in the treasury, and if
it is deemed wise to lodge in the secretary
of the treasury the authority in the present
juncture to purchase bonds, it should be
plainly vested and provided as far as pos
sible with such checks and limitations
as will define this officials right and
discretion and at.the same time relieve him
from undue responsibility. In considering
the question of purchasing bonds as a
means of
RESTORING TO CIRCULATION THE SURPLUS
MONEY
accumulating in the treasury, it should
be borne in mind that premiums
must, of course, be paid upon such pur-
chase, that there may be large part of
these bonds held as investments which
cannot be purchased at any price and that
combinations among holders who are will
ing to sell may unreasonably enhance the
cost of such bonds to the government. 1t
has been suggested that the present bonded
debt might be refunded at a less rate of
interest and the difference between the old
and new security paid in cash, thus finding
use for the surplus in the treasury. The
value of this plan it is apparent must de-
pend upon the valltion of the holders of
certain that the inducement which must be
offered them would result in more financial
benefit to the government than the pur-
chase of bonds while the latter proposition
would reduce the principal of the debt by
actual payment instead of extending it.
The proposition to deposit the money held
by the government in banks throughout
the country for use by the people is, it
seems to me- exceedingly Objectionable in
principle, as establishing too close rela-
eS"'R Of the 1eeWs9 government "1 treasury pd and
the business of the country and too
extensive commingling of their money.
I'll us lOStGlllS du ullHdGul al IcuduCc Ill pIl
vate business upon public funds. If this
scheme should be adopted it should only
be done as temporary expedient to meet
an urgent necessity. Legislative and ex-
ecutive effort should generally be in the
opposite direction and should have a ten
dency to divorce as much and as fast as
can safely be done the treasury depart
ment from private enterprise. OF course
it Is not expected that unnecessary and ex-
travagant appropriations will be made for
the purpose of avoiding the accumulation
Of an excess Of revenue. Such ex-
penditure, beside the decentralization
of all
JUST CONCEPTIONS OF PUBLIC DUTY
which it entails, stimulates habit of reck-
less improvldence not in the least consist
ent with the missions of our people or the
high and benefcient purposes of govern
ment. I have deemed it my duty to thus
bring to the knowledge of my country
men, as well as to the attention OF their
representatives charged with the RESPONSE
bility of legislative relief, the gravity Of
our financial situation. The failure of
congress heretofore to provide against tile
dangers which it was quite evident the
very nature Of the difficulty must necessa-
rily produce caused a condition of finan-
cial distress and apprehension since your
ldot 1uJOu1u"CAb USsACu w GuO Nv
most all the authority and expedients
within the executive control, and these ap-
pear now to be exhausted. If disaster re-
suits from the continued inactiOn of
congress, the responsibility must rest
where it belongs. Though the situation
thus far considered is fraught with dan
ger which should be fully realized and
though it prevents features of wrong to
the people, as well as peril to the country,
it is but the result growing out of a per-
fectly palpable and apparent cause con-
stantIy reproducing the same alarming
circumstances-a congested national treas
ury and a depleted monetary condition in
the business of the country. It need hardly
be stated that while the present situation
demands remedy, we can only be saved
from a like predicament in the future by
the removal Of its cause. Our scheme of
taxation by which needless surplus is
taken from the people and put into the
public treasury consists of tariff or duty
levied upon imp0rtations from abroad and
internal revenue taxes levied upon the
consumption of tobacco and spirituous and
malt liquors. 1t must be conceded that
none of the things subjected to internal
revenue taxation are strictly speaking nec-
essaries. There appears 10 be no just COM
plant of this taxation by the consumers OF
these articles, and there seems to be moth
fpu an tuall a kta tn haar tho hu rdof, yvfthnuf